You can now look up your bank on bankrate.com Every bank is assigned a rating from 1-5. One being the most desirable and 5 being Washington Mutual. Interesting stuff. http://www.bankrate.com/brm/safesound/ss_home.asp
I think it's opposite, 1 is bad, 5 is the best. Bankrate.com evaluates the financial condition of institutions and assigns a 1-to-5 rating with five stars representing the highest rating.
Safe & Sound CAEL rating Definition Star rating 1 Superior ««««« 2 Sound «««« 3 Performing ««« 4 Below peer group «« 5 Lowest rated « No Report Complete data not available Not Rated "NR" Closed Institution is closed Closed G Designates high growth --
My credit union gets 4 stars and ranking of 2. I only keep $75 there because they pay near zero interest on savings and checking accounts, but they also have zero fees. Makes a great account to link with banks like ING Direct that pay higher interest rates.
Oh you're right. They have some backward nonsense. Giving both a numerical rating with corresponding stars. Good information, but shockingly poor designed.
amazing how Wamu gets the same rating as IndyMac Bank. I used to have a big (for me) account with them, but gradually dissolved it to $130 or so. Now I'm worried about my hundred and thirty bucks. That's a tank of gas for my Lexus.